Every year, some 472 million entrepreneurs start 100 million startups around the globe. That’s a lot of new businesses, and makes for plenty of competition to go around.
If you’ve got a startup of your own, you know how difficult it can be to succeed in such a competitive marketplace. You need the right people, the right product, and a whole lot of luck to be successful in the long-term. But more than that, you need the right tools at your disposal. Depending on your industry, one of those tools could be the cloud billing and membership management platform offered by Subscription DNA.
Why Startups Fail, and How Subscription DNA Can Help
While it’s not a pleasant fact to know, the reality of business is that a vast majority of startups fail. Only about 10% make it past the first handful of years. There are likely almost as many reasons that businesses fail as there are failed businesses, but one of the most common is rapid growth and premature scaling. Defined by strategist Nathan Furr as “spending money beyond the essentials on growing the business (e.g., hiring sales personnel, expensive marketing, perfecting the product, leasing offices, etc.) before nailing the product/market fit,” premature scaling basically means spending money without having the revenue in place to back it up.
While Subscription DNA can’t help with your startup’s purchasing habits, it can help improve your revenue stream and automate functions that would otherwise eat up valuable personnel resources.
Subscription DNA’s cloud billing features include automated recurring billing, one-time payments, batch transactions, and more for an endless variety of services and transactions. That means you can count on regular income from your early customers and clients, without the need for an entire accounts receivable department right out of the gate. Subscription DNA also offers robust tools for dunning management, so that you retain as many paying customers as possible.
Speaking of customer retention, it happens to be another major pain point for many startups. Products or services offered by startups are often in their infancy, and as with anything else there’s an incubation period before full maturation. But while this sounds perfectly reasonable on paper, it offers little consolation to customers who want to get the best value they can for their dollar. The best antidote this this common startup pitfall is active, enthusiastic customer service.
Communication tools from Subscription DNA makes customer service a breeze. Set up email auto responders, schedule future emails, send newsletters, and more with DNA’s robust communications platform. Subscription DNA can also be used for drip marketing campaigns, an essential tactic in obtaining new business.
Obtain New Business and Increase Revenue with Monetized Content
Finally, Subscription DNA provides versatile paywall and premium content software that can be used to increase your startup’s revenue stream and obtain new leads on business.
Content like e-books, market reports, whitepapers, and more can all be treated as premium content, with users needing to provide contact information, a one-time payment, or both for access. More revenue and more leads – what’s not to love?
Get in Touch to Learn More
If you’re interested in learning more about how Subscription DNA can help your startup business, check out our FAQ page and get in touch using the form below.